Green Packaging Market to Exceed $237 Billion Within 10 Years
15 Sep 2016
A report recently published by Grand View Research has highlighted that the global green packaging market is set to flourish, and it’s estimated it will reach USD $237.8 billion before 2024. Last year alone it was valued at USD $141.7 billion. What is driving this huge demand, and what kinds of industries are likely to make use of green packaging?
The huge surge in demand for green packaging is likely to be the result of a number of factors – not least the fact that governments around the world are pushing for more environmentally friendly packaging options. There is a growing global concern about waste and the effects of pollution, particularly plastic packaging, on the environment.
Government regulations have been steadily introduced to reduce the use of packaging that can’t be recycled or isn’t biodegradable. In Europe, for instance, regulations regarding packaging will favour the use of bioplastics in the future.
It’s not just governments that are in favour of green packaging. Consumers are increasingly recognising the importance of using packaging products that are environmentally friendly and can be reused again or will easily biodegrade. From bags for life to plastic pallets and even edible packaging, there’s a growing trend for using packaging products that can be re-purposed, reused or even consumed.
Aside from concerns for the environmental impact of packaging waste, consumers are also wary about the use of toxic chemicals and questionable materials in packaging, which may potentially contaminate food or other items. Consumers are more willing to seek out green packaging for peace of mind that the materials are natural and free from harmful substances that could be damaging to their health.
Industry Sectors Using Green Packaging
As consumers demand more eco-friendly packaging, it’s likely that more and more manufacturers will make use of green options, whether through using plant-based materials, plastic pallets that can be repeatedly reused or packaging that can be eaten. As demand for green packaging increases, packaging will become more affordable, with savings passed onto consumers. An increasingly favourable plastic pallets price, for example, is making this form of packaging a more popular option for many manufacturers.
Additionally, experts believe that many of the key players in producing green packaging will merge and strengthen their position in the market, which could also see prices tumble.
Demand for green packaging is particularly likely to grow for manufacturers in the food and beverage sector, as well as those working in healthcare industries or personal care. It’s also widely used in electronics, textiles, automotive and chemical industries.
Some of the reusable packaging available includes plastic boxes, containers, plastic and wooden pallets, reusable field bins for fruit, drums and industrial compressed-gas cylinders. The use of bioplastics is set to take a more prominent role in future, as this is being heavily touted by regulatory bodies as a viable solution for reducing a manufacturer’s carbon footprint. Edible packaging will also be a big feature in the next few years and could revolutionise the food and beverage sector.